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Jahel
Member since Nov 2011
5576 posts

Finance calculator guru types, help with a word problem

quote:

Willie McPherson, 74, and Christopher Manzi, 44, started buying Powerball and Mega Millions tickets together in 1987. After a quarter century of trying, they finally hit it big, but it was not with the tickets they had purchased. While McPherson and Manzi did not win money with the tickets, they did receive two $1 Quick Pick tickets as part of a promotion. One of the Quick Pick tickets turned out to be a winner -- a $14 million Mega Millions winner.


quote:

After taxes, Manzi will receive $3.5 million and McPherson will receive $3.3 million, because New York's taxes are higher than New Jersey's.


quote:

Christopher Manzi and Willie McPherson pooled $40 every week since 1987


how much would $40/week be now with compounding? assume it was invested in a hi-growth mutual fund annuity type instrument.

just wondering


ETA: article
This post was edited on 10/8 at 3:33 pm



Waffle House
Virginia Fan
NYC
Member since Aug 2008
2549 posts

re: Finance calculator guru types, help with a word problem
Back of the envelope guess, between 115-130k.


TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
17797 posts

re: Finance calculator guru types, help with a word problem
At 4% annual interest/inflation - 89,000
At 6% - 120,000
At 10% - 232,000

It depends on what your bar is.


Jahel
Member since Nov 2011
5576 posts

re: Finance calculator guru types, help with a word problem
thought it would be more

thanks for the help

dope heads would have a ton of cash though


ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
10176 posts

re: Finance calculator guru types, help with a word problem
I think the lesson here is that it's always "worth it" for the winner, but never for the millions of people who lose.


foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
32136 posts

re: Finance calculator guru types, help with a word problem
I think the lesson here is ...

quote:

Willie McPherson, 74, and Christopher Manzi, 44, started buying Powerball and Mega Millions tickets together in 1987.


... back in 1987 a 49 year old man was buying lottery tickets with a 19 year old.



But I will admit they're still together after 25 years, that's more than most.


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